Fermanagh and Omagh house prices surge to highest in the North

THE popularity of country living in the age of remote working has driven house prices in the Omagh district to become the highest in the North, it has emerged this week.

Latest statistics from research carried out by Ulster University show the average price of a local home increased by an incredible 24 per-cent between the third and fourth quarters of 2021, to more than £240,000.

This compares to an average house price across the North of just under £199,000.

Keith Pollock, of Pollock Estate Agents in Omagh, put the heat of the local housing market down to a lack of housing stock, and increased demand from people able to work remotely.

“Historically, the further west you went, the more house you got for your money,” Mr Pollock said.

“We’ve seen a lot of people relocating back here from England and Scotland and further afield… where beforehand they might have settled after going to university there.”

Willie Sayers, an estate agent at Mortgage and Property Plus, said that the pandemic has led to people looking for bigger properties to accommodate home offices and more outdoor space.

The urban escape is reflected in Belfast’s house prices, which saw a drop of 6.8 per-cent.

According to the research, detached houses saw the biggest jump in house prices between the third and fourth quarters at 1.8 per-cent across the North. Terrace and semi-detached homes saw a drop in prices over the same period.

Asked about the risk of pricing younger people out of the local housing market, Mr Sayer said, “First time buyers these days are earning a fairly substantial wage and they can afford it.”

Mr Pollock echoed this saying that because the price increases are concentrated on larger homes, this does not make up the bulk for those looking for their first home.

Mid Ulster saw the second largest increase in average house prices at 20 per-cent, while the Derry City and Strabane district experienced a 15 per-cent drop.

Ursula McAnulty, Head of Research at the Northern Ireland Housing Executive, which commissions the survey, said, “The latest figures produced by Ulster University demonstrate that the demand/supply imbalance continues to prevail.

“Strong levels of demand and lack of supply have resulted in continued house price growth over the year – albeit at more subdued levels in Q4. This has been particularly acute in the detached market segment, with lack of stock having upward pressure on prices. Nonetheless, Q4 data does show a softening in house price growth.”